7 July 2022
How much money do you need for your retirement? It’s a question that’s often asked, but which has a different answer for different people. The fact is we all have different needs, assets and financial situations. Sometimes, spending some time to think about your future needs and wants is the best place to start.
The most important thing for a happy retirement is to plan ahead before you finish working. It’s never too early. AustralianSuper’s Super Projection Calculator can help you to set goals and work out what retirement looks like for you.
How much will you need to retire?
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Show Transcript
AustralianSuper employee (Lauren):
With market uncertainty and rising interest rates, it’s understandable to feel concerned about your retirement. That’s why it’s important to consider how much super you’ll need in the long term.
Often, a 7 number figure is floated.
But the average Australian between 60 and 64 retires with $282,000 to $359,0001.
The important thing is figuring out what a ‘comfortable retirement’ looks like for you.
AustralianSuper’s Super Projection Calculator can help you understand your retirement needs, taking the age pension into account, and establish your goals so that you can confidently plan for the retirement you want.
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End Transcript
Top 3 takeaways
1. Do I need $1 million to retire – maybe not
The million-dollar figure is often discussed. The reality is that the average Australian aged between 60 and 64 retire with $282,000 for women and $359,000 for men1. The ASFA Retirement Standard looks at average balances needed and can provide some useful insight.
2. Work out what a comfortable retirement looks like for you
When you work out what’s important to you when you finish working you can set financial goals around that so you can retire with confidence.
Interested in learning more? Register for a free webinar or watch in your own time here:
3. AustralianSuper’s Super Projection Calculator can help
The Calculator can help you plan for the retirement you want, taking the age pension into account.
References
1. Deloitte Average Balances to June 2021, rounded to nearest $1k. People with zero superannuation are not included in average data.
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This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
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